AP ImagesWhile at the SEC, Steve Cutler oversaw the investigations of Enron and WorldCom.

JPMorgan Chase has appointed its general counsel, Stephen M. Cutler, to vice chairman, the bank said in a press release.

Cutler is succeeding Jimmy Lee, the bank’s beloved legendary dealmaker/vice chairman, who unexpectedly died last month.

As vice chairman, Cutler will serve as an adviser to JPMorgan’s CEO Jamie Dimon and continue assist with legal and regulatory matters, the bank said. Cutler’s role as the firm’s general counsel will be assumed by Stacey Friedman.

Cutler’s new role will take effect early next year, the press release indicates.

“We are fortunate to have two such superb executives in Steve and Stacey,” JPMorgan CEO Jamie Dimon said in a statement. “Steve has done a simply outstanding job for nearly nine years heading our Legal function during some of the most challenging times in our history.

“In the face of enormous pressures and challenges, he has been the consummate lawyer and General Counsel — handling all that has come before him with great judgment, integrity and professionalism, and all with a relentless focus on doing what’s best for the firm. I tried to convince Steve to stay on as our General Counsel for even longer, but he said next year is the right time for him to try something different.”

Cutler joined JPMorgan in 2007 from the law firm of WilmerHale in DC where he was a partner and head of the securities department. Prior to that, he was the director the Securities and Exchange Commission’s enforcement division from 2001 until 2005. During his tenure at the SEC, he oversaw the investigations of Enron and WorldCom. Before joining the SEC in 1999, he spent 11 years at Wilmer, Cutler & Pickering in D.C.

He graduated from Yale Law where he was the editor of the Yale Law Journal. He also finished his undergraduate bachelor’s degree (summa cum laude) at Yale.

JPMorgan Chase (NYSE: JPM) announced today that Stacey Friedman, General Counsel of the company’s Corporate & Investment Bank, will succeed Steve Cutler as General Counsel of the firm early next year, when Mr. Cutler will be appointed Vice Chairman of the firm. Ms. Friedman will report to Mr. Cutler and act as his deputy for the rest of this year, and she will join the company’s firm-wide Operating Committee next year when her new role becomes effective. Both Mr. Cutler and Ms. Friedman will report to Chairman and CEO Jamie Dimon next year in their new roles.

Jamie Dimon said: “We are fortunate to have two such superb executives in Steve and Stacey. Steve has done a simply outstanding job for nearly nine years heading our Legal function during some of the most challenging times in our history. In the face of enormous pressures and challenges, he has been the consummate lawyer and General Counsel — handling all that has come before him with great judgment, integrity and professionalism, and all with a relentless focus on doing what’s best for the firm. I tried to convince Steve to stay on as our General Counsel for even longer, but he said next year is the right time for him to try something different.”

“Fortunately, we are blessed with another extraordinary talent, Stacey Friedman, to succeed Steve as General Counsel,” Mr. Dimon continued. “Stacey joined our company three years ago from Sullivan & Cromwell, where she spent more than a year working full-time with our company on matters ranging from mortgage-backed securities to our purchase of Washington Mutual. She is recognised throughout the legal and finance communities and across our company as an outstanding legal mind and a first-rate executive. Steve recruited Stacey to our firm and highly recommended her to me and our Board as a great successor. We couldn’t agree more.”

Mr. Cutler, in his role next year as Vice Chairman of the Company, will act as a senior advisor to Jamie Dimon and other executives across the firm, as well as to the company’s Board of Directors. He will continue to assist on complex legal issues, including key matters that are already in progress. Cutler is expected to advise on important corporate governance and shareholder matters, as well as regulatory issues and culture initiatives.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.